The troubled online clothing retailer SurfStitch has sold action and extreme sport video business Garage Entertainment to the Madman Media Group for a loss.
SurfStitch in 2015 paid $15 million in cash and shares for Garage and its assets including the acclaimed Australian documentary Bra Boys.
The exact price paid by Madman wasnt revealed but Surfstitch says it was a nominal cash consideration.
In its 2016 results, SurfStitch recognised a $12.9 million impairment for Garage Entertainment.
The sale of Garage starts the unraveling the strategy of the previous management led by co-founder and former CEO Justin Cameron who wanted Surfstitch to be the Netflix and Amazon of extreme sports, the centre of a digital …
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